Bukalapak Raises $1.52 billion in Indonesia’s biggest IPO

Indonesian online marketplace Bukalapak made its debut on the Indonesian Stock Exchange on August 6 to raise $1.52 billion, 5 times more than an original target of $300 million, making it the biggest raise in the Indonesia stock exchange’s history.

Its IPO was priced at the upper end of its target of 850 rupiah a share, and soared on the opening day to close on 1,110 rupiah, and peaked at 1,325 on 9 August. The share has been trading below 1,000 Rupiah since August 12.

On August 5, GIC purchased 1.6 billion shares for close to 1.4 trillion rupiah ($95m), taking its stake in the company to 11 percent, just before the IPO, according to regulatory filing. GIC’s original 12% stake would have been diluted to 9.45% before the additional share purchase.

Bukalapak’s top three backers – local media conglomerate Emteck’s digital arm PT Kreatif Media Karya, Ant Group’s API Investment and GIC own a combined 46 percent of the company.